An example of a project undertaken by the EMEAP is the creation of Asian bond funds. The organization believed that the debt markets in the region were vastly underdeveloped and as a result, relatively few investors were investing in the Asian bond markets compared to those in the West. The Asian bond funds were created to rectify this problem.
Member central banks include: the Reserve Bank of Australia, the People's Bank of China, the Hong Kong Monetary Authority, the Indonesia Bank, the Bank of Japan, The Bank of Korea, the Bank Negara Malaysia, the Reserve Bank of New Zealand, the Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore and the Bank of Thailand.